HungaryTrends – The week in business and finance

See below the main business and financial news from the previous week:

GREAT! BUDAPEST AIRPORT EXPANDED BY MORE THAN 10,000 SQUARE METERS – PHOTOS 

Pier B, a brand new passenger terminal section of more than 10 000 square meters adjoining Terminal 2B, was inaugurated yesterday at Budapest Airport. Going forward, the facility will be used to handle non-Schengen flights, including the wide body aircraft flying interconwide-bodylong haul routes to North America, China and the Persian Gulf. Read more HERE. 

MORE AND MORE LUXURY HOTELS OPEN IN BUDAPEST 

It seems like a new luxury hotel will be opened on the famous Andrássy Avenue in Budapest. The designated spot- home to the old library – is close to 3000 square meters and is perfectly located for tourists. Read more HERE. 

HUNGARIAN INNOVATION REVOLUTIONIZES CAMPING 

The Hungarian innovators created a new way of experiencing camping – without a tent. As hvg.hu reports, camping can be comfortable thanks to the innovative ioCamper. Read more HERE.

EP APPROVES REPORT TRIGGERING ARTICLE 7 PROCEDURE AGAINST HUNGARY

The European Parliament approved a report triggering an Article 7 procedure against Hungary which could ultimately strip the country of its EU voting rights. MEPs voted to launch the procedure because of the “existence of a clear risk of a serious breach by Hungary of the values on which the Union is founded”. Prime Minister Viktor Orbán called the report “an insult to the Hungarian people”.

MOL SIGNS CONTRACTS WITH THYSSENKRUPP ON EUR 1.2BN POLYOL PROJECT

Hungarian oil and gas company MOL signed engineering, procurement and construction contracts with Germany’s Thyssenkrupp for a 1.2 billion euro polyol plant it is building at its base in Tiszaujvaros northeast Hungary. Construction will start in Q4 2018 and the plant will become operational by the second half of 2021.

TALKS ON BELGRADE-BUDAPEST RAIL LINE FINANCING COULD WIND UP BY YEAR-END

Hungary and China both want to wind up talks on conditions for financing the upgrade of the Belgrade-Budapest rail line by the end of this year, Foreign minister Péter Szijjártó said at a conference of the Hungrail Hungarian Railway Association. Read more HERE. 

BRIDGESTONE PLANS EUR 28.3M EXPANSION IN HUNGARY

Plans were announced for a 9.2 billion forint (EUR 28.3m) expansion at the base of Japanese tyre maker Bridgestone in Tatabánya, western Hungary, creating 100 jobs. The company will build a 10,000sqm warehouse and expand production capacity to 7.2 million units a year by 2020. Read more HERE. 

GLOVEYE WINS PITCH AT PALACE HUNGARY 1.0

GlovEye, a Hungarian startup that makes a device that “translates” printed text into Braille, won Pitch at Palace Hungary 1.0, a networking platform for entrepreneurs founded by the Duke of York. GlovEye was one of twelve startups that pitched in Budapest. Read more HERE. 

VARGA CRITICAL OF PROPOSED EU INVESTMENT INSTRUMENT

The proposed InvestEU European Union investment instrument fails to make sufficient allowances for geographical inequalities, Finance Minister Mihály Varga said after a meeting of EU finance and economy ministers in Vienna. Hungary can support increasing investments, but the proposal doesn’t adequately treat geographical imbalances, thus it could weaken the entire EU economy as well as its competitiveness, Varga said.

Featured image: MTI

Source: MTI